2023-03-09 10:57:18 ET
- Although Akebia Therapeutics' ( NASDAQ: AKBA ) Q4 2022 results beat on the top and bottom lines, the company's 2023 product revenue guidance failed to impress investors, sending shares down 24% .
- Akebia sees net product revenue guidance at $175M-180M this year as it is cautious about the phosphate binder market. However, the Street consensus is looking for revenue of $196.44M.
- In Q4, the company saw its net loss narrow ~89% compared to the prior-year period to 6.35M (-$0.04 vs -$0.40 per share, basic and diluted).
- Akebia was helped in the quarter by a decline in total operating expenses.
- Thee company ended the year with cash and cash equivalents of ~$90.5M, a ~40% decrease from the end of 2021. It added it believes these funds are enough to fund operations for at least the next 12 months.
- Read why Seeking Alpha's Quant Rating views Akebia ( AKBA ) as a strong buy.
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Akebia off 24% after 2023 revenue range comes in below consensus